Nifty open with a gapup at 6027 and made a high of 6049 and the low it has made is 5972 which is very strong support area and has bounced back and closed at 5995 which is less 6000 for the second day. Nifty future made a low of 5983 and has closed at 6015. Cements have done better and ITC is one of the worst performings stock. Rupee closed stronger, but closing lower is concern. But the way it has bounced exactly at recent low can also be doubted as this seems to be a trap.
Shortterm Trend
Nifty is getting weaker day by day and as it has closed below 6000 for second day despite good opening and making a high just below 6050. Nifty should close above 6060 for a positive move towards 6080 and 6100. Nifty can be considered bullish only if it closes above 6160 which is a major resistance area and on the downside 5972 is a major support area and below it we could quickly see 5930 and the last hope is 5875. Nifty is looking extremely oversold and could bounce back from current levels if conditions support, but this bounce will be short lived and could see lower levels from current level. It was constantly making lower lows which is not a good indication. Fresh shorts can be created below 5972 for short term. Longs can only be considered above 6060 with strict SL of 6035 as we may see short covering. IT and Cement stocks are at good support levels and could bounce from current levels if support stands valid. India VIX has come down to 20 from 21 levels and below 20 is a good indication of a trend confirmation which is definetly downward bias as of now, but dont be surprised with a move as we may see volatality as expiry is very near.
Intraday Spot Level
Nifty could open strong with a gapup at 6020 For the Nifty can be bought above 6030 with SL of 6010 for 6045 and 6060 and can be shorted below 5995 if stays for 10 mins for 5980 and 5965. If Nifty moves below 5970 and stays there for few minutes we could see panic selling to levels of 5930. I am expected Nifty to do better today in longer side and IT and Cement sector can be considered for trading today.
Must trades for the day
Please watch IT and Cement sector leader for today. I am expecting IndusInd Bank, Ambuja Cement, Lupin TataSteel and Adani Ent to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
Shortterm Trend
Nifty is getting weaker day by day and as it has closed below 6000 for second day despite good opening and making a high just below 6050. Nifty should close above 6060 for a positive move towards 6080 and 6100. Nifty can be considered bullish only if it closes above 6160 which is a major resistance area and on the downside 5972 is a major support area and below it we could quickly see 5930 and the last hope is 5875. Nifty is looking extremely oversold and could bounce back from current levels if conditions support, but this bounce will be short lived and could see lower levels from current level. It was constantly making lower lows which is not a good indication. Fresh shorts can be created below 5972 for short term. Longs can only be considered above 6060 with strict SL of 6035 as we may see short covering. IT and Cement stocks are at good support levels and could bounce from current levels if support stands valid. India VIX has come down to 20 from 21 levels and below 20 is a good indication of a trend confirmation which is definetly downward bias as of now, but dont be surprised with a move as we may see volatality as expiry is very near.
Intraday Spot Level
Nifty could open strong with a gapup at 6020 For the Nifty can be bought above 6030 with SL of 6010 for 6045 and 6060 and can be shorted below 5995 if stays for 10 mins for 5980 and 5965. If Nifty moves below 5970 and stays there for few minutes we could see panic selling to levels of 5930. I am expected Nifty to do better today in longer side and IT and Cement sector can be considered for trading today.
Must trades for the day
Please watch IT and Cement sector leader for today. I am expecting IndusInd Bank, Ambuja Cement, Lupin TataSteel and Adani Ent to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
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